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GOLD MATTERS: Separating the Simple (True) from the Complex (Noise)

September 24, 2026

In this latest edition of Gold Matters, Jonny Haycock and Matthew Piepenburg, Partners at VON GREYERZ, separate the “signals from the noise” in a time of economic sea changes marked by now-undeniable debt and hence currency risks.

In a world of soaring bond yields, U.S. market interventions, increasing military hostilities, rising inflation, and signs of an AI bubble bursting, Matt and Jonny explain why focusing on the purchasing power of gold in the face of now-standardized currency debasement via desperate liquidity measures is what really matters. Toward this end, Matt and Jonny address the latest signs of dishonesty and misinformation from the U.S. Federal Reserve and a broken global bond market.

The under-ownership of gold in Private Wealth portfolios remains staggeringly low given the extraordinary range of risks and the open stacking of central bank gold, for which China has taken a deliberate and telling lead. Matt and Jonny place all these forces into concise and objective perspective.

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Jonny Haycock, a former professional tennis player, qualified as a Barrister at Middle Temple in London before embarking on a long and successful 27 year career in the City. He joined Salomon Brothers in 1997 before moving into the European Equity division of Morgan Stanley in 2001 to sell equities to the London Institutional and Hedge Fund client base. Jonny was made Managing Director in 2007 and in later years sat on their prestigious European Equity Underwriting Committee. When he resigned after almost 23 years to join VON GREYERZ in early 2024, Jonny was one of Morgan Stanley’s longest serving MDs in London.